Australia’s third largest bank, NAB, has today hiked fixed rates for the third time in just over five weeks – closing the door on the last big four rate under 2 per cent.
NAB increased its owner-occupier and investor fixed rates by up to 0.50 per cent, including its 1-year fixed rate, which was previously 1.99 per cent.
NAB hikes for owner-occupiers paying principal and interest
Please contact us for interest only and investor rate changes
| Loan | Old rate | New rate | Change | Monthly repayments – difference $500K loan |
| 1-year fixed | 1.99% | 2.49% | 0.50% | $127 |
| 2-year fixed | 2.34% | 2.59% | 0.25% | $65 |
| 3-year fixed | 2.79% | 3.09% | 0.30% | $81 |
| 4-year fixed | 2.89% | 3.29% | 0.40% | $109 |
| 5-year fixed | 3.09% | 3.49% | 0.40% | $110 |
Note: Above rates are for owner-occupiers paying principal and interest on a package rate with an annual fee of $395. Monthly repayments are based on a $500,000, 30-year loan over the fixed rate term.
Previous NAB owner-occupier fixed rate hikes:
- October 27: increased 2- to 5-year fixed rates by up to 0.20 per cent.
- November 11: increased 2- to 5-year fixed rates by up to 0.51 per cent.
Lenders that have moved at least one rate in the last 1 month (3 November to 2 December 2021)
| Lenders that have cut | Lenders that have hiked | |
| Variable | 48 | 7 |
| 1yr fixed | 15 | 34 |
| 2yr fixed | 13 | 56 |
| 3yr fixed | 2 | 65 |
| 4yr fixed | 4 | 41 |
| 5yr fixed | 6 | 57 |
Source: RateCity.com.au. Note: A number of lenders have changed multiple home loan rates
RateCity.com.au research director, Sally Tindall, said: “NAB was the last big four bank to hang on to a rate starting with a ‘1’, but the bank has succumbed to funding pressures just like its rivals.”
“The number of fixed rates under 2 per cent is fast disappearing,” she said.
“Six months ago, there were 166 fixed rates starting with a ‘1’, and now there are just 78, and the exodus is far from over.
“Borrowers who had already fixed their loans with NAB will be breathing a sigh of relief at this news, but it will be a very different situation when they come off their fixed rates.
“People looking to re-fix their loan in one- or two-years’ time are likely to be looking at rates starting with a ‘3’,” she said.
Lowest big four bank owner-occupier home loan rates
| CBA | Westpac | NAB | ANZ | |
| 1yr fixed | 2.49% | 2.24% | 2.49% | 2.29% |
| 2yr fixed | 2.59% | 2.24% | 2.59% | 2.39% |
| 3yr fixed | 2.99% | 2.59% | 3.09% | 2.79% |
| 4yr fixed | 3.09% | 2.89% | 3.29% | 2.99% |
| 5yr fixed | 3.39% | 3.09% | 3.49% | 3.19% |
| Variable | 2.29% | 2.19% | 2.29% | 2.29% |
Source: RateCity.com.au. Note: CBA and Westpac rates are for a loan to value ratio of up to 70%.
Lowest rates on the RateCity.com.au database
| Lender | Advertised rate | |
| 1yr fixed | Greater Bank, Bank of Us | 1.59% |
| 2yr fixed | Beyond Bank | 1.79% |
| 3yr fixed | MOVE Bank | 1.89% |
| 4yr fixed | BankVic, Southern Cross CU,
Credit Union SA | 2.39% |
| 5yr fixed | BankVic, QBank | 2.49% |
| Variable | Reduce Home Loans | 1.77% |
Source: RateCity.com.au Note: Rates are for owner-occupiers paying principal and interest. Some LVR requirements apply.
